Oil Market Update : Epic Research Singapore

Oil futures rallied on Monday, posting their highest settlements of the year, on hopes that major producers will curtail supply and as stronger economic data fueled hopes of improving demand.

April WTI crude CLJ6, -1.16%  climbed by $1.98, or 5.5%, to settle at $37.90 a barrel on the New York Mercantile Exchange. Based on the most-active contracts, prices settled at their highest since Christmas Eve and year-to-date, prices are now about 2.3% higher, according to FactSet data.

May Brent crude LCOK6, -1.22% the global oil benchmark, rose $2.12, or 5.5%, to $40.84 a barrel on London’s ICE Futures exchange, with prices also logging the highest settlement since early December.

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